By Sohaib Shams
LIV Golf is set to wind down after its potential financial backer withdrew support, leaving the breakaway league unable to secure the funding needed to continue operations.
Financial backing collapses
The league had hoped BC Partners Credit would provide up to $300 million in financing after Saudi Arabia's Public Investment Fund (PIF) withdrew its backing in April, prompting LIV to file for bankruptcy protection last month. However, BC Partners has decided the proposed restructured league, known as LIV 2.0, is not viable and will not pursue a deal.
Player exodus and LIV 2.0 efforts
High-profile players Jon Rahm and Sergio Garcia had already left the circuit. Organizers of LIV 2.0 said they had commitments from co-investors, support within the golf ecosystem, and around 30 players signed up, including major winners. Sources say the timelines proved insurmountable and they could not secure the necessary agreements to meet a deadline to demonstrate sufficient player support for a 2027 season.
Court hearing expected
The PIF, which provided a debtor-in-possession loan to fund the restructuring, is expected to announce in a court hearing on Thursday that the LIV 2.0 proposal is not viable.
Westwood comments
Lee Westwood, one of the most prominent players to join LIV at its launch in 2022, said on Tuesday that nothing agreeable had been presented for LIV 2.0 and that many details still needed fine-tuning.
